OTP Review Checklist

15 items to verify before signing. Skip these and you can lose the option fee + worse.
Identity & Property
1. Buyer name + NRIC matches IPA exactlyMismatch = OTP void.
2. Property address + unit number correctVerify against caveat / title.
3. Tenure + remaining lease verifiedFor leasehold, must match URA records.
Money
4. Purchase price in figures AND wordsDiscrepancy = ambiguity = lawyer fight.
5. Option fee amount (typically 1%)Verify cheque / bank-transfer details.
6. Exercise fee (typically 4%, total deposit 5%)Or non-standard percentages clearly stated.
7. Completion date specifiedStandard 8-12 weeks for resale.
Conditions
8. Inclusions / exclusions listedWhite goods, light fixtures, curtains, A/C - what stays?
9. Vacant possession date confirmedIf currently tenanted, when does tenant vacate?
10. Existing defects acknowledged or excluded"As-is" vs "warranted free of defects".
11. Outstanding encumbrances disclosedMortgages, caveats, MCST disputes.
Risks & Outs
12. Subject-to-financing clause if neededCritical if IPA not 100% locked.
13. Subject-to-valuation clause consideredIf bank valuation comes in lower than purchase, you have an out.
14. Withdrawal terms - option fee forfeit conditionsStandard: forfeit if you don't exercise. Verify no other deductions.
Compliance
15. Stamping deadline within 14 daysBSD + ABSD payment to IRAS within 14 days of OTP signing or attract penalty.
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